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MACHINERY INSURANCE

ABOUT

Machinery and equipment are insured against accidental damage/breakdown, while at work, or at rest or when removed from its place for repair/replacements and shifted within premises. Industries, factories, manufacturers, contractors, power plants, multiple complexes, commercial premises, etc., need this insurance.

Customer can identify critical machines prone for breakdowns and can insure such machines only by indicating serial no. year of purchase, location, etc. Sum insured shall represent current replacement value of machinery and/or equipment, so as to get maximum indemnity in the event of loss or damage. Policy covers cost of dismantling, transport and re-erection at the same place.

Insurers’ assistance could be sought for inspection where sum insured (value of assets) is high, nature of property is different and risk exposure is complex (e.g., combined cycle turbines, power plants, furnaces). Turbines/Furnaces are subject to inspection warranty under the policy.

Coverage will be for one year and Insurance has to be renewed each year.

Electronic equipment, Automatic CNC machines, system driven operations and consoles are not insured under this policy and have to insured under Electronic Equipment Policy in order to get maximum coverage.

MACHINERY INSURANCE

BENEFITS

  • Since this Policy offers machine-wise cover, a comprehensive narration of each of the machines to be covered has to form part of the policy.

Add On Covers

  • A few examples of add-on covers are escalation cover, express and freight cover, additional customs duty cover and third party liability cover.
  • Foundations of machinery and equipment can be declared specifically and insured.
  • Similarly, stand-by equipment and machinery can be declared as such and insured properly.

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